Singapore mRNA vaccine developer raises $140m

CBC Group, a China-focused healthcare GP that is looking to expand its coverage region-wide and is based in Singapore, incubated RVAC and led the Series B. Other participants included Temasek Holdings-owned Pavilion Capital, EDBI, and South Korea's GS Holdings. The size of the Series B round was not disclosed.

Founded in June 2021, RVAC is described as an mRNA platform company. It focuses on novel vaccines and therapeutics, including a potential best-in-class multivalent COVID-19 vaccine.

The company's COVID-19 vaccine candidates have proved safe and efficacious in preclinical studies, according to a statement. Clinical studies are slated to begin in the third quarter of this year. RVAC has a strategic partnership with Canada's Acuitas Therapeutics, the developer of a proprietary lipid nanoparticle delivery system that plays a critical role in BioNTech's COVID-19 vaccine.

The Series B proceeds will go towards the preclinical and clinical development of RVAC's vaccine and therapeutics programs. It will also support the construction of a new R&D centre in Singapore and manufacturing facilities in Singapore and Shanghai. The company already has R&D centres in Boston and Shanghai.

“Healthcare has no boundaries, and CBC is proud to continue bringing first-class global resources and technologies to support RVAC," said Wei Fu, CEO of CBC.

"As a Singaporean firm, we are excited to further draw on Singapore's deep base of skilled talent and strong research capabilities as RVAC further accelerates its mRNA vaccine and therapeutics pipeline to better meet global healthcare needs and connect with the growing Asian market."

CBC recently closed its fifth flagship fund with USD 1.67bn in commitments.

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• Topics
• Greater China
• Healthcare
• Early-stage
• Southeast Asia
• China
• Pharmaceuticals
• CBC Group
• Temasek Holdings
• EDBI
• covid-19
• Singapore